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The ratings agency is allowing more time for feedback on proposed changes to assessing insurers’ capital adequacy levels.
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Southern Fidelity is seeking to lift homeowner rates by 85%.
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The firm took $411mn of losses in December, up 940.5% year-on-year, but losses since April are still below the aggregate attachment of its latest Sanders Re deals.
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Axa XL’s UK and Lloyd’s CEO said speed of decision-making was key to UK market growth.
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The insurer increased its occurrence treaty coverage by $300mn as the aggregate deal shrank, following a full loss to reinsurers in 2021.
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This was the second year the insurer drew down its full reinsurance limit.
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The deal is expected to close in Q2.
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The firm said its preference for single class exposures had constrained growth in specialty lines as brokers sought to push different classes together in combined programmes.
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The industry is expected to improve its return on capital slightly in 2022.
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The round was led by global technology giant Tencent and saw participation from SV Angel and Hawktail.
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